Management Expectation Gap,System Autonomy And Enterprise Risk-taking

Enterprise risk taking reflects the tendency of enterprises to pursue high profits and be willing to take risks.The "risk" of risk early focus on individual commitment intention,organizational level is more focused on banks and other financial institutions,the financial crisis in general enterprises as the research perspective has attracted wide attention of scholars at home and abroad.Risk is an important driving force to enhance corporate value and promote the sustainable development of enterprises,the micro effect rises to the macro level,can promote the progress of society and technology,accelerate the accumulation of social capital and social productivity will be maintained at a higher level.Therefore,it is of great practical significance to study the problem of enterprise risk taking.At present,scholars around the enterprise risk taking this topic,from the external system and internal governance mechanism level provides a wide range of theoretical analysis and empirical evidence.Unfortunately,although previous studies have paid attention to the management level,such as risk preference and financial risk experiences influence on the enterprise,but few scholars pay attention to the management of reference point selection problem in the decision-making process,simply set the maximum value or profit is the ultimate goal of the decision.The expectation theory and performance feedback theory,rational management will be based on "the expectation level" to the real output is divided into "loss" or "profit" of the state,when the enterprise is in the "loss" state,managers will implement the follow-up problem search,the risk of these problems is the search behavior both aspects,including governance structure,asset size and other aspects of the adjustment,including the innovation of high risk.In addition,China is in a special period of economic transition,the system still has certain historical drawbacks,political connections bring "cost effect" and "resource effect" to be verified,and the system of regional development is not balanced,so the system autonomy is an important mechanism affecting the scene management behavior decision.Based on this,this paper will be integrated into the decision-making executives echelon theory model of enterprise behavior theory,tries to answer two questions: the business enterprise risk level of expectation gap will have what effect;in China situations,managers have the autonomy of the system will affect how the relationship between business expectations and risk investment decision.In order to test the impact of expectation gap on the level of enterprise risk taking,and further analyze the moderating effect of institutional autonomy on the relationship between business expectation and risk taking.This paper selects the listed in Shanghai and Shenzhen two 2007-2016 all A shares as the research sample,is limited to 3 years rolling risk calculation sample taking,and from the historical self expectation gap based on the comparison with the two dimensions of social comparison based on industry expectations gap measure operating expectations fall.Through empirical research methods,based on controlling the endogenous problem,establish a Logistic regression model to verify the relationship between the expectation gap and risk level;at the same time,as the moderating effect of the autonomy of the inspection system,this paper sample enterprises of different enterprise property system,political backgrounds and regional system of panel regression and cross term grouping comparison regression analysis.This study found that: first,business expectations gap will significantly improve the enterprise risk level,the reason for this effect is because of the emergence of business expectations gap increases the risk management capacity to endure,affect the decision maker's risk appetite,and endanger the managers' reputation in the labor market,which are prompted by management risk the problem of searching bear the risk of the enterprise and improve the level of.Second,when the enterprise managers in the enterprise is the nature of state-owned property rights of enterprises or in less developed areas of institutional environment,because the institutional constraints,will weaken the management system of autonomy,and weaken the implementation of high risk investment projects in managing expectations drop degree;however,the results of the study show that the background of the government the relationship of enterprise,will give managers a higher autonomy system,by strengthening and then make it implement high risk investment projects in the operating gap under the difficulty degree.This study further improved the system theory and performance feedback theory,provides a theoretical basis for the reform of state-owned enterprise system and accelerate the transformation of government functions,and to realize its risk management decision-making behavior and has certain significance in improving the efficiency of investment.